UK trade deficit in goods and services was £3.5 billion in January 2016, a narrowing of £0.2 billion from December 2015

Over the three months to January 2016 the deficit widened markedly, with a larger deficit in goods trade and a smaller surplus in services

Commenting on the UK trade figures for January 2016, published today by the ONS, David Kern, BCC Chief Economist, said:

“In spite of the marginal improvement recorded in January our trade deficit remains excessive, and longer-term comparisons show a distinct worsening of our trade position.

“We are not doing enough to boost our exports, and we urge the Chancellor to address this issue more forcefully in his forthcoming Budget. Much greater emphasis is needed to help small and medium sized businesses to export more and to break into new export markets.”